Veterans may be eligible for a home loan with no down paymentand no private mortgage insurance
Texas Land Commissioner Dawn Buckingham shared that the Veterans Land Board (VLB) has approved an increase for the VLB home loan amount from $647,200 to $726,200. “In 2022, the VLB assisted over 1,760 Veterans and their families with purchasing a home,” said Commissioner Buckingham. “The VLB’s home loan increase will expand not only the home buying opportunities for Veterans and their families, but also help even more families achieve their own American dream. Whether they are first-time home buyers starting a family, or retirees enjoying the golden years of life, the VLB will be there to assist Veterans through their entire home-buying process, from qualifying to closing.” All qualifying Veterans will continue to receive a competitive interest rate and Veterans with a Veterans Affairs (VA) service-connected disability rating of 30% or greater still qualify for a discounted interest rate. Eligible Texas Veterans and Military Members can now apply for VA, Federal Housing Administration (FHA) or conventional financing using the Veterans Housing Assistance Program (VHAP) and a VLB participating lender.
Veterans who utilize VA-backed home-buying benefits along with a VLB home loan may be eligible for a home loan with no down-payment and no private mortgage insurance (PMI). VHAP can be used to purchase a single-family attached or detached home, townhome, or condominium. Veterans can also use VHAP more than once.
